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Lukoil, ERG Pay EUR 52 M for Bulgarian Wind Park
Date: 01/07/2012
Lukoil, ERG Pay EUR 52 M for Bulgarian Wind Park

LUKERG Renew, a joint venture between Italy's ERG SpA (ERG) and Russia's OAO Lukoil, completed the acquisition of a wind park in Northeastern Bulgaria.

Thus, Lukoil and ERG SpA have paid EUR 52 M for the 40 MW wind farm near the city of Dobrich in Bulgaria, the Moscow- based company said.

LUKERG Renew controls some 10% of the Bulgarian wind market after the buying the wind park, which was built in 2009, it said. Lukoil also owns Bulgaria's biggest refinery Lukoil Neftochim Burgas.

In March 2012, Bulgaria's Competition Protection Commission permitted LUKERG Renew, a joint venture of Russian Lukoil and Italian ERG Renew, to buy three smallwind parks near the northern Bulgarian Black Sea town of Kavarna.

Vienna-registered LUKERG Renew, a 50-50 joint venture of LUKOIL-Ecoenergo (a 100% owned subsidiary of РћРђРћ LUKOIL) and Italian ERG Renew, was created in end-May 2011.

The company was to acquire Wind Park Kavarna East, Wind Park Kavarna West and K&S Energy.

"The participants in the concentration control insignificant production capacities, meaning that they are not among the main players on this market at the current stage," the anti-trust watchdog said in a statement.

The wind farms with a capacity of 14 MW are owned by Raiffeisen Energy & Environment GmbH and are part of a park with 40 MW of installed capacity.

Lukoil is a main player on the fuel market in Bulgaria through the Lukoil Neftochimrefinery in Burgas and the Lukoil chain of filling stations.

Topic: Investments

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